November 24th Mortgage Industry Update

November 24th, 2020 Mortgage Industry Update The Bank of Canada announced on October 28th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this "effective lower bound" until 2023, as they observe the full effects of the pandemic.  Additionally this week:– CIBC report: Canadian consumers and businesses are sitting on an unprecedented $170 billion in excess cash as of Q3. CIBC said it suspects ... Read more

November 17th Mortgage Industry Update

November 17th, 2020 Mortgage Industry Update The Bank of Canada announced on October 28th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this "effective lower bound" until 2023, as they observe the full effects of the pandemic.  Additionally this week:– CIBC report: Number of Canadians counted as long-term unemployed went up by approximately 151,000 in October and 79,000 in September. Total of almost ... Read more

November 10th Mortgage Industry Update

November 10th, 2020 Mortgage Industry Update The Bank of Canada announced on October 28th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this "effective lower bound" until 2023, as they observe the full effects of the pandemic.  Additionally this week:– TRREB: Average selling price for all homes across GTA climbed to $968,318 in October, up 13.7% from 2019, marking fifth consecutive month of ... Read more

November 3rd Mortgage Industry Update

November 3rd, 2020 Mortgage Industry Update The Bank of Canada announced on October 28th that its overnight lending rate will remain at 0.25%. The prime rate remains 2.45%. The Bank of Canada suggests that they will more than likely keep rates at this "effective lower bound" until 2023, as they observe the full effects of the pandemic.  Additionally this week:– TRREB: Toronto condo rentals are up 30.2% in Q3 from 2019. There were 14,036 leases, up from 10,781 in 2019. Total of 34,971 ... Read more
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